Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) Price Analysis: Markets Weak
Connect with us

Bitcoin

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) Price Analysis: Markets Weak

Published

on

Bitcoin, Ethereum, and Litecoin have yet for finding their bottom. All three seem to be consolidating in preparation for a breakout in one direction or the other. The price action of Bitcoin seems to be where all the attention is currently focused.

 Bitcoin (BTCUSD)

Bitcoin continues to hover near the $10,000 price level where it has encountered support.

On January 16th, Bitcoin made a sharp drop from $13,617, to a low of $9760.00 breaking below the $10,000 price level for the first time since it hit its all-time high near $20,000 in mid-December. When Bitcoin broke through the $10,000 price mark last November 29, 2017, on its way up, the financial news media went absolutely crazy over the cryptocurrency, bringing a great deal of attention to it, and in many ways creating an “irrational exuberance” among newcomers to the market, leading to the significant rise in demand, and the rapid price increase.

As can be seen in Chart #1 below, it took Bitcoin less than three weeks to go from $10,000 to its all-time high near $20,000.  Who’s to say that is can’t happen again.

However, the retracement to the $10,000 level once again has the financial media in a “Tizzy,” this time for a doom-and-gloom scenario. And once again, the news is drive prices.

Chart#1 Bitcoin Daily

The Bitcoin daily chart above is showing more downward price tendency with a descending triangle pattern forming.

However, the $10,000 level is definitely a key support level for Bitcoin and the entire cryptocurrency market.

Anyone that is involved in the cryptocurrency market is watching bitcoin’s price action to see which way price breaks. A significant move in either direction will cause the “herd to stampede” and the price move will be greatly amplified.

The savvy trader will pay close attention the volume patterns in the intraday price charts. They will reveal early on which way price will break.

Ethereum (ETHUSD):

Ethereum is the only one of the three cryptocurrencies I this article showing any indication of breaking to the upside.

As can be seen in Chart #2 below, the Euthereum daily chart is showing an inverted head-and-shoulder price pattern forming. This pattern is typically an indication of a price reversal to the upside.

Ethereum’s volume is below its normal average. When Bitcoin makes a move away from the $10,000 price level, in all likelihood, Ethereum will move with it.

If the price move is to the upside, Ethereum is primed to make new all-time highs.

Ethereum (ETHUSD):

Litecoin (LTCUSD):

Litecoin’s price action is mirroring Bitcoins.

Chart #3 below shows how Litecoin is trading at the apex of a descending triangle pattern for which it has broken slightly below the lower support level line.

Volume for Litecoin is very light, and the price seems to be reacting to moves by Bitcoin.

Chart#3 Litecoin Daily

In the cryptocurrency market where fundamentals are virtually non-existent, news and the bell-weather assets drive the market. From a technical analysis perspective, entire cryptocurrency is currently lumbering around with light volume, and no momentum, waiting for something to happen. The next few days may bring about some price movement that may spark some volatility.

We will be updating our subscribers as soon as we know more. For the latest ICOs, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of coinmarketcap.com

Bitcoin

Bitcoin is Steadily Changing Our Lives in the Greatest Ways Possible

Published

on

Bitcoin

Bitcoin has already brought our world some of the most incredible innovation we have seen, but the best is yet to come. 

Bitcoin, cryptocurrencies, blockchain. While often regarded as mere industry buzzwords are actually the fundamentals of something far greater. Things like borderless currency, decentralized business, open-source software, collaborative technology, shared computing. These are just a scant few of the underlying principles that are taking our technology and daily lives into the future. Should these sciences be embraced, it will be a bright future indeed. 

It has become ever more transparent that humans today are living in fear. If nothing else, 2020 has brought the tidal wave of anxiety and distrust that many live in the shadow of, to a terrifying apex. We are all just waiting for the crash. While some flock to literature, or social media, or their favored news outlet, others flock to exchanges. Using platforms like the newbie friendly Bitvavo to place their bets on the future, on what could be, and what already largely is. Bitcoin and the technology that underpins its innermost workings are a preparation for a better tomorrow. An investment in a future that is already changing our lives today. 

The Point Behind the Hype 

In 2008, when Satoshi Nakamoto wrote the bitcoin white paper, few paid attention. It took years to…

Continue Reading

Bitcoin

AAX Crypto Exchange Announces Massive Growth Numbers in August

Published

on

AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

Continue Reading

Altcoins

3 Reasons Why WISE Token Could Be a Massive Winner in 2021

Published

on

WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

Continue Reading

Press Release